Month: January 2023
Fourth Annual Global InsurTech Competition Opens for Submissions
InsurTech NY will Award Startups $200,000 in Prizes during InsurTech competition
NEW YORK,, Jan. 12, 2023 /PRNewswire/ — InsurTech NY has started accepting applications for its Global Startup Competition for early-stage InsurTechs.
The competition features a prize pool of $200,000 that will be selected by three judging groups – InsurTech Fund, carriers and brokers, and InsurTech investors. Startups will be judged based on their expression of the most commercial potential in the application. The top ten teams will present live at the InsurTech Spring Conference held on March 29 – 30 in NYC to the entire conference audience. 
The 2022 InsurTech competition finalists presented to an audience of more than 600
people at the NY Marriott Marquis. “The Global InsurTech Competition allowed us to raise awareness about the challenges in the market for roofing repairs post claim and our solution for the industry,” said Garrett Kurtt, CEO of OneClick Data and winner of the 2022 competition.
The judging pools are comprised of insurance carriers/brokers, venture capitalists, and angel investors. Judges will score each company based on their investment and market potential. The judges represent organizations including Avanta Ventures, Candid Insurance Investors, Founders Shield, Gallagher, Lockton, Park City Angels, QBE Ventures, Starr Insurance, TIAA, and Tokio Marine.
“Every InsurTech needs exposure and investment to grow,” said David Gritz, Managing Director of InsurTech NY. “Past competition winners have attracted more than $45 million in funding post-competition and had exposure to hundreds of insurance carriers and brokers.”
Contestants are eligible for the InsurTech competition if they ended 2022 with less than $250,000 in revenue. The top ten finalists will be announced in early March and will present in person at the 2023 InsurTech Conference. The deadline for submissions is February 10, 2023.
InsurTech NY News: Will Insurance Have its Southwest Moment?
In this issue of the InsurTech NY Newsletter (Insurance Southwest Moment? How to avoid it):
- Will Insurance Have its Southwest Moment?
- Read our Spotlight on the CEO and Presidents Panel at InsurTech Spring
- See upcoming InsurTech Community Events and Programs
- Follow the latest InsurTech East Coast Deals
- See open roles in the industry
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Will Insurance Have its Southwest Moment?
Southwest Airlines made headlines over the holiday season when they canceled 16,700 flights over a 10-day period. The company initially blamed it on weather from the polar vortex. But word got out that the real cause was a computer system outage that snowballed with staff shortages and lost baggage. Total costs are estimated at $825 million to Southwest.
Airlines have a number of parallels to insurers. Both are capital-intensive, manage weather risk, and rely on customer loyalty for profitability.
For airlines, time is of the essence. Every plane must fly full every day to maximize revenue. An empty plane or flight not flown is lost revenue. Similarly, every policy must renew before its expiration date. And both industries benefit from frequent flyers that stay with their brand for every transaction.
So, if you end up like Southwest and your policy admin or quoting system fails. A lost day is not only lost customers for that day, but lost loyalty. If it can happen to Southwest, it can happen to you. Now is the time, during the quiet period of early January, to look at your systems and do a “Southwest Sanity Check”.
For InsurTech NY, we have our own “Southwest Sanity Check” on innovation. Asking ourselves:
- Are we missing any trends?
- What technologies will matter for the next 5 to 10 years?
- Are there any up-and-coming InsurTechs that we’re overlooking?
To help us answer those questions, we are launching the 2023 early-stage competition. InsurTechs will compete for a pool of $200,000. The competition will be judged by the leading VCs and carriers in the industry.
If you are interested or have friends starting an InsurTech, check out the competition here: https://www.insurtechny.com/competition
Spotlight: CEO and Presidents Panel at InsurTech Spring (March 30)
Thanks to inspiration by the Global Insurance Symposium, we are bringing the CEO and Presidents Panel to NYC. Get a chance to hear from Mike Goldman, President of NFP and Gaurav Vasisht, CEO of NYSIF discuss collaboration across the value chain as a competitive advantage.
The insurance industry is inherently collaborative. Risk takers need distributors and everyone needs reinsurers to manage Cat risk. When the relationships work, there is a seamless experience and policyholders don’t even know who is in the chain. But, when there is friction everyone feels the pain. Policyholders start to question what they can do themselves and relationships break down.
Learn how you can work more effectively with your brokers, carriers, reinsurers, and InsurTech partners. Find out more about this panel and the InsurTech Spring Conference on March 29-30.
https://www.insurtechny.com/insurtech-spring-conference/
- Newsletter subscribers can save 5% if you register by Jan 13 with code: “Subscriber113”
Upcoming InsurTech Community Events and Programs
InsurTech Investor & Founders Forum
Jan 30 – Feb 1 | Beaver Creek, CO | 1 Day of Content, 1 Day of Networking
– Investors attend include: Anthemis, Allstate Ventures, AmFam Ventures, FFVC, Munich Re Ventures, QBE Ventures, Sandalphon Capital, and more.
InsurTech Spring Conference: Competing on Collaboration
March 29-30 | NYC (Chelsea – Pier 60)
700+ attendees – Parallel tracks for: Life & Health and Property & Casualty
Speakers include: NFP President, Munich Re Head of Innovation, Palomar CLO, & TIAA CIO
More Info and Join Registration
InsurTech NY Sponsors
Thank you to our sponsors of our InsurTech Spring Conference in NY.
If you are interested in sponsoring a future InsurTech event, send us a note at contact@www.insurtechny.com.
InsurTech East Coast Deals, Partner Events, and Open Roles
Discover a curated mix of October InsurTech financings, exits, partnerships, opportunities, and partner events on the East Coast.
InsurTech News and Deals
Oyster ($3.6M, New Stack Ventures): P&C: Digital platform offering both direct to consumer and point of sale coverage offerings for personal property.
Get Covered ($6M, RET Ventures): P&C : White labeled platform for rental property owners to ensure and manage coverage while offering additional options to renters.
Enthea ($2M, Tabula Rasa Ventures): Health: Administrator of health riders and single case services for psychedelic healthcare.
Partner Events and Programs
insureNXT Congress and Expo (April 26 & 27)
InsurTech Hartford Symposium (May 2-3)
InsurLab Germany Accelerator (Applications Due Feb 7)
RevTech Labs Class 18 Accelerator (Applications Due Feb 17th)
DFS Exchange – NY Department of Financial Services newly-launched engagement platform to foster the growth of responsible innovation in financial services in New York.
See more information and register via our website: www.insurtechny.com/upcoming-insurtech-conferences
Jobs In Carrier/Broker Innovation and Venture Teams
Employers Ins – Senior Product Manager
Ethos Life – Director, Actuarial
Starr – Internal Management Consultant
Transverse – Program Manager
Verisk – Actuarial Associate
See more information and apply via our blog: https://www.insurtechny.com/jobs
Want to Judge our Early-Stage Startup Competition?
Do you run a VC fund, angel syndicate, or corporate venture unit? If so, we are looking for judges who can review the applications for our early-stage startup competition. Judges are required to register for the event. If you would like to be considered as a judge, please reach out at contact@www.insurtechny.com.